I have not heard that before. My somewhat litteral spectrum disorder brain implies the bridge is burnt before it is crossed.
Common ones I hear are "I'll cross that bridge when I come to it" - to delay an action or decision and "Don't burn (all) your bridges..." - leave a path open for a reversal.
That’s the usual interpretation I’ve seen, yes. It’s a mix between the other two metaphors you mention, with the humorous implication that the speaker is going to delay taking an action until dealing with it will cause further problems.
Example sentence: “My manager doesn’t know I can’t work on Wednesday, but he hasn’t posted the schedule for the week yet so I’ll burn that bridge when I get to it.”
Common ones I hear are "I'll cross that bridge when I come to it" - to delay an action or decision and "Don't burn (all) your bridges..." - leave a path open for a reversal.